Alfa Bank to issue Eurobond next year and roll out new retail banking operation
10 Dec 2001
Chairman of the Board Mikhail Fridman told a Moscow news conference that the Bank planned to launch a new Eurobond in 2002 following its success in closing a new US$20 million unsecured syndicated loan in London last week. "This loan was at very competitive rates," Fridman said. "It tells a lot about confidence in Alfa Bank and positions us to issue a new Eurobond next year." Recalling that Alfa Bank had repaid its first Eurobond in full last year, Mr Fridman added: "We believe we will be successful because we have a good track record." In a wide-ranging review of the Bank's business, Fridman said the new retail project starting next year was part of Alfa Bank's ambitions to be a universal bank. Under the plan, Alfa Bank will set up a network of mini-branches, initially in Moscow and later in the Russian regions, to tap a new client base comprised of individuals and small businesses. Maciej Lebkowski, the Director responsible for the new project, said it would be driven by multi-channelling and cost effective technology. "We aim to develop the most modern banking infrastructure in Russia," Lebkowski said. In answer to a question, Fridman said there were no plans to increase the share capital of the Bank. "But if we have to we can and we will," he said.
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